The neighborhood might feel charming and laid-back during a warm Saturday morning open house, but what is it like when you’re driving to work? Or waiting for Sunday church traffic to clear out? Spend some time at your would-be house at all hours of the day and night to find out what it would really be like to live in the neighborhood.
“The majority of millennials said they consider owning a home more sensible than renting for both financial and lifestyle reasons — including control of living space, flexibility in future decisions, privacy and security, and living in a nice home.”
The top reason millennials choose to buy is to have control over their living space, at 93%.
Many millennials who rent a home or apartment prior to buying their own homes dream of the day that they will be able to paint the walls whatever color they’d like, or renovate an outdated part of their living space.
Owning a home in a community is one of the major reasons why residents become more civically involved. The stakes are raised once your home value is tied directly tied to the neighborhood and community in which you live.
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Changes in technology have brought about one of employees’ favorite workplace trends: telecommuting. Given the benefits it offers, many employees are seizing the opportunity to work from home.
Your children have finally moved out and you and your spouse now live alone in a four-bedroom ranch (or a similar type of house).
You have two choices to make:
Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution?
If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in the neighborhood (example: you wanted a block with other kids your children could play with and a backyard large enough to accommodate that).
Remodeling your home to meet your current needs might mean combining two bedrooms to make one beautiful master suite and changing another bedroom into the massive walk-in closet you always wanted. However, if you live in a neighborhood that historically attracts young families, you may be dramatically undermining the value of your house by cutting down the number of bedrooms and making it less desirable to the typical family moving onto your block.
And, according to a recent study, you will recoup only 64.4% of a remodeling project’s investment dollars if you sell in the future.
Your home is probably at its highest value as it stands right now. Instead of remodeling your house, it may make better financial sense to sell your current home and purchase a home that was built specifically to meet your current lifestyle and desires.
In many cases, this well-designed home will give you exactly what you want in less square footage (read less real estate taxes!) than your current home.
If you are living in a house that no longer fits your needs, at least consider checking out other homes in your area that would meet your lifestyle needs before taking on the cost and hassle of remodeling your current house. The Stovall Team places a premium on customer service, drawing on more than 60 years of combined experience and out-of-the box thinking to ensure that their Team provides the best customer experience in the business. CALL US TODAY 714.343.9294 OR 714.393.5377 VISIT StovallTeam.com!!
sources: Micah Stovall, Stovall Team; Keeping Current Matters
More Americans Say Now Is A Good Time To Sell!
Recently released data from Fannie Mae’s National Housing Survey revealed that rising home prices were the catalyst behind an eight-point jump in the net percentage of respondents who say now is a good time to sell. The index is now 21 points higher than it was this time last year.
Overall, 62% of Americans surveyed said that now is a good time to sell (up from 58%), while 26% of respondents said that now is not a good time to sell (down from 30%). The net score is the difference between the two percentages, or 36%.
According to CoreLogic, home prices are now up 6.7% over last year and 78.8% of homeowners with a mortgage in the US now have significant equity (defined as 20% or more).
As home prices have increased, more and more homeowners have realized that now is a good time to sell their homes in order to take advantage of the extra equity they now have. At the same time, however, rising prices have had the exact opposite impact on the good-time-to-buy scale as many buyers are nervous that they will not be able to afford a home; the net score dropped 5 points to 18%.
Doug Duncan, Vice President & Chief Economist at Fannie Mae, had this to say,
Buyer demand continues to outpace the supply of homes for sale, which has driven prices up across the country. Until the supply starts to better match demand, there will be a gap between the sentiments surrounding buying and selling.
Bottom Line
If you are considering listing your home for sale this year, now is the time! We place a premium on customer service, drawing on more than 60 years of combined experience and out-of-the box thinking to ensure that their Team provides the best customer experience in the business. CALL US TODAY 714.343.9294 OR 714.393.5377 VISIT StovallTeam.com!!